Common use of Annual Reports and Statements; Annual Budgets and Business Plans Clause in Contracts

Annual Reports and Statements; Annual Budgets and Business Plans. (a) For each Fiscal Year, the Administering General Partner shall send to each Person who was a Partner at any time during such Fiscal Year, by no later than February 15 of the next Fiscal Year, an annual report of the Partnership including an annual balance sheet, profit and loss statement and a statement of changes in financial position, and a statement showing distributions to the Partners all as prepared in accordance with generally accepted accounting principles consistently applied and audited by the Partnership's independent public accountants, which initially shall be PricewaterhouseCoopers, and a statement showing allocations to the Partners of taxable income, gains, losses, deductions and credits, as prepared by such accountants (it being acknowledged that the Administering General Partner's obligations hereunder are not to guaranty timely delivery of audits, tax returns or similar third-party work product, and the failure of the auditor or another third party to make such delivery shall not itself constitute a default hereunder on the part of the Administering General Partner). For each quarter, the Administering General Partner shall send to each Person who was a Partner at any time during such quarter, within forty-five (45) days after the end of such quarter, quarterly financial statements of the Partnership including a quarterly balance sheet, profit and loss statement and a statement of changes in financial position, and a statement showing distributions to the Partners all as prepared in accordance with generally accepted accounting principles consistently applied. In addition, the Administering General Partner shall send (i) to each General Partner within twenty-five (25) days after the end of each month of each Fiscal Year a monthly report setting forth the financial and operating information on an accrual basis and in form and substance approved by the General Partners (acting reasonably) after the date hereof, (ii) to each Partner by no later than February 15 of each year, completed IRS Schedules K-1 prepared by the Partnership's accountants in accordance with Section 3.3(ii), and (iii) to each Partner such other information concerning the Partnership and reasonably requested by any Partner as is necessary for the preparation of each Partner's federal, state and local income or other tax returns. Each General Partner agrees that the Partnership will use and comply with the requirements and deadlines of the Whitehall REPSYS management reporting system (to the extent that compliance with such reporting system does not cause the Partnership to incur additional material costs). The Administering General Partner shall prepare and deliver to the lender under any loan documents to which the Partnership is a party all reports and statements required by such lender.